The crypto industry in the United States records a major milestone as Louisiana accepts its first-ever crypto payment for state services.
According to a recent announcement from Louisiana Treasurer John Fleming, Louisiana residents can pay for different state services using top digital currencies like USD Coin (USDC) and Bitcoin (BTC).
LOUISIANA STATE GOVERNMENT ACCEPTS FIRST CRYPTOCURRENCY PAYMENThttps://t.co/C9NqQbpEyo
Louisiana State Treasurer, John Fleming, M.D. announces an innovative transition with state government's plan to accept cryptocurrency as a valid form of payment. pic.twitter.com/b9B0OK7Al9
— John Fleming, MD Louisiana State Treasurer (@LATreasury) September 18, 2024
Notably, Fleming revealed that Louisiana’s Department of Wildlife and Fisheries recently received the inaugural crypto payment. However, he did not disclose the value of the payment, or which supported crypto was used.
Louisiana to Leverage Specialized Service
While Louisiana residents can now make payments in crypto, Fleming disclosed that the state would use a specialized service that immediately converts the funds received to U.S. Dollars (USD) and deposits them into the government’s accounts.
According to Fleming, this service would protect Louisiana from the high market volatility associated with cryptocurrencies. He also stated that the process shields the state from every crypto-related concern.
Partnership Between Louisiana and Bead Pay
Notably, the latest development is a product of a partnership between the Louisiana government and top crypto payments company Bead Pay.
Per the announcement, Bead Pay will focus on integrating the crypto payments solution into different Louisiana agencies. The company’s solution will allow residents to pay for state services using BTC and USDC while converting the cryptos to USD.
Commenting on the development, Fleming said the initiative marks a pivotal step toward innovation and provides residents with the flexibility required to handle their financial obligations to the state.
Louisiana Representative Mark Wright, a major advocate of the state’s crypto adoption, expressed excitement about the development. Wright anticipates supporting Fleming and other crypto enthusiasts to broaden the state’s acceptance of crypto-related payments.
Other U.S. Cities Accept Crypto Payments
Note that Louisiana is not the first U.S. state to accept crypto payments for public service. In 2018, Ohio became the first state to allow its residents to make tax payments in crypto. However, it suspended the service the following year, citing legal concerns.
Furthermore, Miami mayor and Bitcoin-friendly politician Francis Suarez flagged off a campaign in 2021 to transform the city into a major crypto hub. Part of this campaign includes accepting taxes and municipal fees in Bitcoin and other major cryptos.
In the meantime, the crypto adoption crusade in the United States is spreading like wildfire. Politicians aspiring for top positions across different government levels are making significant efforts to woo crypto voters ahead of the elections.
A case in point is Donald Trump, former United States president and presidential candidate of the Republican Party. Trump has declared support for cryptos, revealing plans to make the United States “the crypto capital of the planet.”
Yesterday, the former U.S. President purchased over a dozen cheeseburgers for his supporters and made payment in Bitcoin.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
